Sensex down 70.99 points, Nifty closes above 12,000; TCS, HCL, Tech Mahindra gain
Major gainers on the Nifty were TCS, HCL Technologies, Tech Mahindra, Kotak Mahindra Bank and HDFC, while Grasim Industries, Adani Ports, JSW Steel, ITC and Eicher Motors were the top losers.
Mumbai: After weak WPI inflation numbers for the month of November, benchmark indices snapped three days winning streak on Monday (December 16), and the Sensex closed down 70.99 points at 40,938.72, while Nifty was down 26 points at 12,060.70. Major gainers on the Nifty were TCS, HCL Technologies, Tech Mahindra, Kotak Mahindra Bank, and HDFC, while Grasim Industries, Adani Ports, JSW Steel, ITC and Eicher Motors were the top losers.
About 1122 shares advanced, 1342 shares declined, while 207 stocks remain unchanged. Except for IT, other sectoral indices are ended lower led by the metal, auto, FMCG, energy, pharma, and infra.
During early hours on Monday, equity benchmark indices oscillated in a range but were largely flat. At 10:15 am, the BSE S&P Sensex was up by 33 points to 41,043 while the Nifty 50 gained by 6 points at 12,093. Except for Nifty IT, pharma, and realty, all sectoral indices at the National Stock Exchange were in the negative zone. Among stocks, those which lost were Adani Ports, Sun Pharma, IndianOil Corporation, JSW Steel and Yes Bank. However, IT stocks were up with HCL Technologies gaining by 1.4 per cent to Rs 550.80 per share. Tech Mahindra ticked up by 1.2 per cent and Tata Consultancy Services by 0.9 per cent.
On Friday, benchmark index Sensex closed near its life-time high after signs of easing US and China trade tension ignoring weak macroeconomic situation in the country. The Sensex closed 428 points higher at 41,009.71, touching an intra-day high of 41,055.80. The Nifty settled at 12,086.70 gaining 115 points.
Meanwhile, world stock markets rose on Monday, trading a notch below a record high hit last week on the back of a preliminary trade deal agreed between the United States and China. European shares built on the previous week`s gains at the open. In early deals, the pan-European STOXX 600 index was up by 1% and hit a record high. Germany`s DAX rose 0.5%.
Britain`s FTSE 100 index was up 1.14%, moving in tandem with the pound which rose 0.4%. US stock futures also pointed to stronger gains to start the week, with the S&P 500 e-minis up 0.3%.
US Trade Representative Robert Lighthizer said on Sunday a deal was "totally done", notwithstanding some needed revisions, and would nearly double US exports to China over the next two years.
The "phase one" agreement suspended a threatened round of U.S. tariffs on a $160 billion list of Chinese imports that were scheduled to take effect on Sunday. The United States also agreed to halve the tariff rate, to 7.5%, on $120 billion worth of Chinese goods.
The 17-month-old trade dispute between the world`s two largest economies has roiled financial markets and taken a toll on world economic growth.
(With Agency Inputs)